Women are saving £80,000 less for retirement on average than men, according to research from Oxford Risk.
Men over 55 have £209,000 saved in cash and other investments on average, compared to £128,000 for women
The researchers identified disparities in pension income, savings, and retirement strategies between men and women aged 55 plus.
Women over 55 will receive on average £5,700 less in pension income annually than men while they anticipate spending £1,200 more than their expected pension income each year in retirement.
Male respondents said they expect to receive £23,700 annually from their pensions on average, while women anticipate just £18,000.
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Despite planning to spend £3,500 less than men, women still face a shortfall of £1,200 per year, whereas men expect a surplus of £1,000.
As a result of all this, more than two in five women plan to work part-time to fund their retirement, Oxford Risk said.
The researchers also found that more than a third (36%) of women over 55 are unsure how much they might receive from their pension each year, compared to just 20% of men.
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Dr Greg B Davies, head of behavioural finance at Oxford Risk, said: “Our research highlights significant disparities between women’s and men’s financial security in retirement. Despite planning to spend less, many women face substantial financial gaps, with lower savings and less certainty about their retirement income.
“Advisers and wealth managers have a vital role in bridging these gaps by helping individuals optimise their retirement strategies. Behavioural finance tools provide personalised insights that reflect clients’ unique attitudes and preferences, empowering them to make better financial decisions.”
